The End of ‘Contact Agent’? What NSW’s New Property Price Rules Mean for Buyers

Originally published 19 June 2026. Substantially updated 6 October 2026.

If you have ever opened a Sydney property listing only to find “Contact Agent” where the price should be, that particular frustration may finally be nearing its end.

NSW Fair Trading advised property professionals on 2 October that new residential property advertising and pricing requirements are expected to begin in November 2026. If they commence as planned, agents will need to include a selling price or price range in the advertisements they arrange, support their estimated selling price with comparable sales and update campaigns when the evidence moves.

A second stage is expected in February 2027, when agents will need to prepare and publish a Statement of Information containing prescribed pricing information for the property.

These are meaningful changes. They should make it harder for campaigns to hide behind vague pricing language or continue advertising a number that has already been disproved by genuine bids and offers. They should also give buyers more visibility into the sales an agent used when setting the estimate.

What they will not do is turn the advertised price into an independent valuation, force a property to sell within its range or remove the need for buyers to value the home themselves. Better information helps. It does not make every property campaign predictable.

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The changes in plain English

A price should appear in every online advertisement

Under the expected November requirements, agents will need to include a selling price or price range in every advertisement they arrange for the sale of residential property. That includes advertisements on property portals and applications, agency websites, social media and email.

A physical sign placed at or beside the property will not have to display a price. If it does display one, however, that price must comply with the same pricing rules.

For buyers, this is the most immediately visible reform. It should substantially reduce the number of digital listings that provide no pricing signal at all and require a phone call simply to discover that the property sits well beyond the buyer’s range.

The detail matters, though. The obligation applies to advertisements arranged by agents for residential sales. It should not be simplified into a claim that every property advertisement of every kind must always display a price.

The advertised price will have to move when the evidence moves

A campaign will not be able to continue advertising below information the market has already produced. The advertised price cannot sit below the agent’s current estimated selling price. It also cannot remain below either of the following:

• The highest genuine bid made by a registered bidder before a property is passed in at auction. A vendor bid does not count.
• A written offer the seller rejected only because the amount was too low.

If an online advertisement stops complying, the agent will be expected to update or remove it within one business day. Other advertising must be updated as soon as practicable.

That should address one of the most aggravating features of a weakly priced campaign: a guide that remains unchanged even after the seller has made it clear they will not transact at that level.

The words “only because the amount was too low” are important. If a seller rejects an offer because of its conditions, settlement period or another non-price issue, the amount may not automatically establish a new advertised-price floor. Buyers should therefore keep written records of both the offer and any explanation they receive about why it was rejected.

Three comparable sales will sit behind the estimate

When an agent sets or revises the estimated selling price in the agency agreement, Fair Trading’s October advice says the agent will need to consider the three most comparable sales within prescribed distance and time limits.

Fair Trading has said further guidance will explain how agents should identify the most comparable properties and what happens when fewer than three suitable sales are available.

This is where the reform becomes useful without becoming magical. Three nearby sales do not automatically equal three good comparable sales. A renovated Balmain terrace with parking is not properly valued by three unrenovated terraces merely because they sit within two kilometres and sold recently. The same applies to apartments with different outlooks, buildings, strata positions, floorplans or car spaces.

Distance and recency create a starting pool. Genuine comparability still depends on property type, land, internal area, condition, layout, aspect, parking, street position, legal constraints and the way buyers compete for that particular product.

The new requirement should create a clearer evidence trail. Buyers must still test the evidence. Our guide to Sydney property guide prices explains how to turn recent sales into a defensible value range rather than simply accepting the list supplied with the campaign.

The Statement of Information comes later

A separate Statement of Information requirement is expected to begin in February 2027. An agent engaged to sell residential property will need to prepare the statement in an approved form containing prescribed information about the property and the evidence supporting its estimated selling price, including comparable sales identified by the agent.

Published NSW guidance says the Statement of Information will need to be:

• Included with an online advertisement or linked from it.
• Displayed prominently at property inspections.
• Provided to a prospective buyer within two business days when requested or when the buyer requests a copy of the contract for sale, subject to the final rules.

The approved form has not yet been published. Until it is, buyers and agents should avoid assuming exactly what fields it will contain or how the final requirements will operate in unusual campaigns.

What will not change

More transparency should make the early part of a campaign easier to read. It will not remove every gap between an advertised price and the final result.

• A guide is still an estimate. A property can sell within the range, above it or occasionally below it.
• The published reforms do not require the vendor’s reserve to appear in the advertisement. The reserve and the agent’s estimated selling price perform different jobs.
• Competition can create new evidence. Several genuine buyers may push an auction or negotiation beyond what was reasonably foreseeable when the campaign began.
• The agent represents the seller. The comparable-sales evidence should be taken seriously, but it is not an independent buyer’s valuation.
• A final sale above the guide is not automatic proof of underquoting. The relevant question is whether the estimate and representations were reasonable when made and were revised as evidence changed.

That is why buyers should read these reforms as better information, not guaranteed accuracy. Our explanation of why Sydney homes can still sell above the guide remains relevant even after the new requirements begin.

Why NSW is changing the rules

Underquoting does more than create an irritating surprise on auction day. It can cause buyers to spend money on legal reviews, building inspections, pest reports and strata records for a property that was never realistically within reach. It also consumes weekends and can create an exaggerated appearance of competition by drawing unsuitable buyers into the campaign.

Recent enforcement work shows why clearer records matter. Ahead of the 2026 spring season, NSW Fair Trading inspectors attended almost 80 open homes. The operation resulted in ten agents receiving fines totalling $20,900, alongside five warnings and 16 education directives.

In one published example, Fair Trading said prospective buyers were told a property was expected to sell for $3.65 million. The agency’s own records reportedly estimated the property at between $4 million and $4.4 million, while the online advertising used a $4 million search price.

That example captures the actual consumer problem. The issue is not simply that a home sold strongly. It is that buyers may be invited into a campaign using a number that the evidence already available to the agency does not support.

How buyers should use the new information

1. Start with the advertised price, not from it. A visible price removes one layer of opacity, but it remains the beginning of the assessment.
2. Read the comparable sales critically. Check whether the properties actually match the home’s condition, land, layout, parking, outlook, building quality and buyer appeal.
3. Track every guide change. Save listing screenshots or emails with dates. A changing guide tells you how the campaign evidence and vendor expectations are moving.
4. Put serious offers in writing. Make the amount, conditions and proposed settlement clear, then retain the response. Obtain legal advice before changing protections simply to strengthen an offer.
5. Ask why the offer was rejected. The distinction between price and non-price reasons may matter to the campaign’s advertised-price obligations.
6. Maintain your own value range and ceiling. The agent’s evidence helps you understand the campaign. Your evidence and financial position determine whether you should participate.

If a campaign still looks wrong

Better disclosure rules will still depend on buyers retaining evidence and Fair Trading being able to test the campaign record. If the advertised price appears inconsistent with what the agent is saying, the comparable sales or an offer the seller has rejected, keep the issue factual.

• Save the evidence. Keep dated screenshots of the listing, guide changes, relevant emails, written offers and the explanation given for any rejection.
• Ask for clarification in writing. Ask what evidence supports the current price and whether the estimated selling price has been revised.
• Report a genuine concern. Buyers can lodge a Fair Trading property complaint or call 13 32 20. NSW Government buyer guidance also lists an underquoting hotline on 1800 625 963.

Fair Trading’s Name and Shame Register can be useful when researching an agent or agency, but it is not a live list of every complaint. It publishes eligible enforcement and disciplinary outcomes after the relevant process.

When a buyer’s agent still adds value

A more transparent guide does not answer the harder property-level questions. Are the selected sales truly comparable? Which differences explain the price gap? Is the campaign genuinely competitive? Has the property earned a stretch in the budget, or is the buyer being pulled along by momentum?

A buyer’s agent can assess the evidence independently, speak with the selling agent, monitor changes in the campaign, coordinate due diligence and establish a written limit before the pressure rises.

Parker Hadley’s full Buy Your Home service covers the entire search. Buyers who have already found the property can use Negotiation & Support for viability assessment, comparable-sales work, due diligence, agent management, negotiation and auction preparation.

The buyer takeaway

The direction is encouraging. A visible advertised price, defined comparable-sales work, stronger records and a Statement of Information should make NSW property campaigns easier to interrogate. Buyers should waste less time decoding mystery listings and have more evidence available before paying for reports or preparing an offer.

The reform will not remove judgment from buying property. It will give buyers a better starting point. The advantage will still belong to the person who can distinguish a relevant comparable sale from a convenient one, a genuine campaign change from theatre and a property worth pursuing from one that should be left alone.

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Frequently asked questions

When do the new NSW property advertising rules start?

NSW Fair Trading advised property professionals that the advertising and pricing requirements are expected to begin in November 2026. As at 6 October, a fixed commencement date had not been publicly announced, so buyers should treat November as an expected window rather than a guaranteed date.

Will every NSW property listing have to display a price?

The expected rules require a price or price range in residential sale advertisements arranged by agents, including portals, websites, social media and email. A for-sale sign at the property will not have to display a price, although any price it does display must comply.

Does a rejected offer force the guide to increase?

A campaign must not be advertised below a written offer the seller rejected only because the amount was too low. The qualification matters: an offer rejected because of conditions, settlement timing or another issue may be treated differently. Buyers should put serious offers in writing and keep the response.

Will agents have to provide comparable sales?

Agents are expected to have to consider the three most comparable sales when setting or revising the estimated selling price. Fair Trading has advised that metropolitan comparables will generally need to be within two kilometres and sold in the previous six months. The Statement of Information expected in 2027 should give buyers greater visibility into the selected evidence.

Will the Statement of Information show the vendor’s reserve?

The published NSW reforms do not say that the vendor’s reserve must be included. The Statement is intended to provide prescribed pricing information and comparable-sale evidence. A reserve and an estimated selling price remain different parts of an auction campaign.

Do the reforms stop homes selling above their guide?

No. Genuine competition can still push a sale above the advertised range. A higher result does not automatically prove underquoting. The question is whether the estimate and representations were reasonable when made and whether they were updated as the campaign produced new evidence.

Important: This article provides general information about expected NSW property-law changes. It is not legal or financial advice. Commencement dates, regulations and approved forms should be checked against current NSW Fair Trading guidance before publication and after the reforms begin.